Opra has published a guide designed to help with the production of audit scheme accounts for insured...
Opra has published a guide designed to help with the production of audit scheme accounts for insured salary-related schemes.
The guide aims to helps trustees, auditors and insurers through the process of producing accounts, which according to the Occupational Personal Personal Pension Schemes (Penalties) Regulations 2000, must be presented within seven months of the end of the scheme year.
The new regulations, which came into force on 3 April, were designed to allow Opra to impose penalties without having to resort to action through the criminal courts. They give Opra the power to levy fines of up to £5,000 from trustees if they are held responsible for failing to submit accounts on time. If the trustee is a company, then the fine can be up to £50,000.
The guide spells out the requirements on schemes to show whether the proper contributions have been made, how the assets accumulated are invested, and how the scheme is being run.
The guide is specially geared towards smaller schemes, and does not deal with schemes that have any investments apart from an insurance policy, or with SSASs. OPRA can be contacted on 01273 627600 or email [email protected] or www.opra.gov.uk.
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